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Published on Aug 1, 2016
Gemfields
(LON:GEM) says its luxury brand Faberge enjoyed a strong end to the
financial year with the value of sales orders up 14% in the final
quarter.
“Faberge has done very well, unit sales have gone up, margins are well maintained, revenues have gone up and costs have come down, all in a period when most of the luxury houses have gone backwards,” Gemfields’ chief executive Ian Harebottle tell Proactive Investors.
Elsewhere the group says that output from its ruby operations would exceed guidance.
“Most pleasingly the costs are well contained and the margins are very good,” he says.
Harebottle details the group’s expansion plans following the US$65mln financing facility agreed last month.
The plan over next three to four years is to ramp production at the Kagem emerald project up to between 40-45mln carats. The plan is to take its ruby mine close to 20mln per year, he says.
The group has faced some challenges in its consumer bases, particularly Russia and China.
“Fortunately our product is consumed on a global basis,” says Harebottle, “when one market goes down, another goes up”.
Harebottle hopes demand for his precious stones will continue to rise.
“Such fantastic gems are almost forgotten by the consumer, we want to encourage an appreciation for the beauty that’s out there.”
http://www.4-traders.com/GEMFIELDS-PLC-4005669/
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